[HIGHLIGHTS] Biden praises his economic performance and threatens to impose taxes on the rich

Biden: I inherited an economy that was on the verge of collapse. He wants to impose a tax on billionaires.

He also wants to lower the cost of health care for the elderly. He says he wants to reduce the deficit by 3 billion dollars over the next 10 years, if he is re-elected in November. The U.S. is in a strong position to compete with China, he says. The United States is the largest economy in the world, according to the World Economic Forum.